Means a couple of things in my mind. Staff reduction, more employees work remote and/or office locations that are less expensive then NYC and sending US jobs to other countries or as it's so called, shared services.
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I agree with @10wJuUpu. This involves general operating expense which means some RIF's will take place. We are losing a lot of Insured's either because they aren't renewing or U/W isn't renewing. Essentially we are losing more Insured's than we are gaining. Lots of reduction in Work Comp business. But if you are a friend of BD or one of his Senior Management Buddies, you don't have to worry. In fact, you may get promoted to a newly created position. When RIF's happen, they hire more Senior Management, create more jobs, or bring in another one of their Buddies. Meanwhile, they have McKinsey working behind the scenes with one of their templates. If you are a fit, you may get RIF'd
I say slow the pace down so you can get used to it when you get RIF'd.
so buy the stock and make some money.
Hundreds will be affected. NJ offices will have few if any IT. 175 gone, 80 Pine won't expand.
I can't wait to be riffed. I may skip out the door when it happens. And they want to do an OHI. Shows how brain dead our management is.
Work, work,work till then.....
I’ve said it a dozen times...HQ is moving from 31 floors to 5. Heads will roll and departments will be relocated. Buckle up.
Who gives a sh–.
The majority of AIG employees do tasks that can easily be automated anyway... we're all basically a bunch of frauds who think we are actually working when we're really not doing anything besides pretending to be productive to scratch the belly of some low i.q. manager
Operational overhaul definitely involves RIF's and outsourcing as much of daily tasks as possible to shared services. They should know by know that shared services makes many many mistakes and some which have involved paying fines.